2.1
Although Australia’s aquaculture sector is modest compared to the global market, there is significant potential for industry growth across the country, bringing with it opportunities for increased domestic and export revenue, employment, and investment in regional communities.
2.2
Submitters and witnesses across the aquaculture industry, including operators in the salmon, barramundi, prawn, pearl, abalone, tuna, and seaweed sectors, informed the Committee of their specific goals for achieving growth over the coming years. Although these sectors have varied production requirements and markets, there were some consistent themes on how growth this will be achieved.
2.3
Opportunities for growth in the aquaculture sector are likely to come from a wide range of approaches – from expansion of current operations to increasing market share, to innovations and investments in new technologies and new sectors, and the embrace of innovations for environmental sustainability.
2.4
This chapter explores some of the key opportunities for growth in the Australian aquaculture sector presented to the Committee during the current inquiry.
Expanding market share for aquaculture products
2.5
Evidence to the inquiry shows that there is particular interest in expanding the current production and sale of Australia’s aquaculture products, both for domestic and export markets, to help meet the National Aquaculture Strategy’s target of a sector value of $2 billion by 2027.
Increasing access to the domestic market
2.6
Australia currently imports approximately 70 per cent of the seafood consumed in the country and, as such, there is significant room for the growth of Australian aquaculture to increase the share of Australian product sold in the domestic market.
2.7
Seafood Industry Australia (SIA) told the Committee that, in the wake of the COVID-19 pandemic, there has been marked spike in the domestic consumption of seafood:
The health benefits of seafood along with the improved access to fresh Australian seafood through supermarket chains and independent retailers have strengthened consumption patterns. The aquaculture sector is well placed to take advantage of the rising levels of demand in Australia.
2.8
There is some evidence that Australian consumers are prepared to pay a premium price for Australian seafood. Tassal Group, a major producer of salmon in Tasmania, submitted that:
Our market research shows Australians want locally grown seafood, and the majority of Australian consumers are willing to pay a premium for the privilege.
2.9
However, Dr Richard Knuckey from The Company One, a grouper producer in Queensland, told the Committee that ‘it takes time’ for aquaculture producers to establish themselves within domestic live markets – such as the Sydney Fish Market – but that with a continuity of supply, premium prices can be achieved.
2.10
The Sydney Fish Market submitted that it would be seeking to diversify its current seafood trading methods through a new digital platform to better service the needs of the aquaculture industry, which tends to work with fixed prices and accurate production forecasts, and help to provide it a larger market share. Currently less than seven per cent of the Sydney Fish Market’s suppliers are from the aquaculture sector, and it is anticipated that this change in the trading system will provide a significant opportunity to provide farmed seafood to the domestic market.
2.11
Several stakeholders noted that, to support a strong domestic farmed seafood market, more work would be needed around country of origin labelling in food service settings to ensure customers are aware of where their seafood is coming from and to support their purchasing decisions. This issue is discussed in more detail in Chapter 4.
Developing export markets
2.12
Profitable export markets are another key to the success of Australia’s aquaculture industry. With wild stocks diminishing, Australia’s strong aquaculture sector will be well placed to provide for the demand for seafood and other aquaculture products, particularly in Asia.
2.13
The Northern Territory Department of Industry, Tourism and Trade noted that the price of fish in Asian markets is rising which has created an opportunity for Australian aquaculture – in the past, exporting finfish was not worth the associated costs, but now that finfish returns are higher it is beginning to make sense to export to Asia.
2.14
The Australian Southern Bluefin Tuna Industry Association made the point that Australia’s close proximity to expanding Asian markets also gives a competitive freight advantage to Australian aquaculture producers. However, the Australian tuna industry has recently seen a weakened market. There has been a decline in tuna aquaculture production due to both export price falls and a weaker yen. Australia’s tuna aquaculture is Japanese yen dependent and, as a consequence, profits have fallen from $291 million in 2002 to $91 million in 2021.
2.15
The Aquaculture Council of Western Australia likewise warned against over-reliance on a single export market, submitting that the industry must diversify its export markets to ensure success.
2.16
Tassal Group, a major salmon operator in Tasmania, mentioned that the COVID-19 pandemic had ‘demonstrated the need for Australian businesses to diversify their exports markets’. In 2020, the company’s export costs increased by 120 per cent due to travel bans and the reduction of airfreight capabilities. The Commonwealth Government’s International Freight Access Mechanism (IFAM) proved to be a ‘lifeline’ for many aquaculture businesses because it facilitated entry into international markets. To avoid a repeat of the current situation Tassal submitted that:
…the aquaculture industry needs assistance to diversify its export portfolios to minimise risk and ensure commercial viability. We would encourage the Commonwealth Government to continue to work to establish free trade agreements and seafood accords with export partners that would provide demonstrable benefits to the aquaculture industry. Opening up new markets for the aquaculture sector would build confidence for companies to invest and employ more people, providing regional wealth and stronger communities.
2.17
The Committee heard that the high quality of other Australian aquaculture products, not just seafood, contributes to their export value. Dr Richard Knuckey told the Committee that The Company One is exporting grouper fingerlings to South East Asia, a market that had for decades been dominated by Taiwan. He commented that:
To be able to sell fingerlings into this market is an indication of the quality of our product. It's recognised there that we're a supplier of the highest quality grouper fingerlings.
2.18
The Australian Institute of Marine Science (AIMS) likewise submitted that there is also a significant opportunity for coral aquaculture in export markets:
With reefs around the world experiencing an overall trend towards declining coral cover, AIMS forecasts there will be strong demand in the years to come for the rollout of reef restoration and adaptation measures, such as coral seeding via coral mariculture, particularly in the Indo-Pacific. Australia and Australian businesses would therefore be uniquely placed to capitalise on our technological capabilities and expertise in coral mariculture by propagating the corals in Northern Australia waters, before exporting them for seeding on degraded / damaged tropical reefs around the world.
2.19
Submitters noted that, for the ongoing success of Australian aquaculture in export markets, strategic planning within individual sectors is vital. The Australian Barramundi Farmers’ Association acknowledged the great potential for marketing Australian Barramundi in the Asia Pacific Region, but outlined that:
The industry will need a strategic, evidence-based brand and export strategy underpinned by a combination of desk and in-country research in both premium retail and food service channels. One of the vitally important platforms of the export strategy needs to be to build export capability and readiness within industry.
2.20
SIA also told the Committee that it is currently coordinating the development of an Australian seafood industry export market strategic plan, in response to the challenges faced due to COVID-19 and other market interruptions.
2.21
The National Aquaculture Strategy includes an action for the Commonwealth Government, in conjunction with industry, to increase the awareness and uptake of trade promotion and cooperation initiatives to help develop new trading relationships, such as Austrade’s Export Market Development Grants scheme and TradeStart program, and the Australia–China Agricultural Cooperation Agreement program.
Opportunities for production growth
2.22
Australia has significant natural resources, including land and sea, that are suitable for use by the aquaculture industry. Leveraging these resources will provide opportunities for new industries and for the expansion of existing operations.
Offshore expansion
2.23
Offshore aquaculture is an area of significant development around the world, with many countries exploring offshore, deep-water technologies to grow their industries beyond coastal areas and increase production capacities. In Norway, for example, moving salmon production offshore is targeted to more than triple the level of production for the industry in that country.
2.24
Expansion into offshore aquaculture – that is, aquaculture operations more than three nautical miles from the coast – presents significant opportunities for Australian aquaculture, particularly in the areas of finfish, oyster and seaweed farming. Research is needed to quantify the potential value of these opportunities.
2.25
But there are also significant challenges to operating in an exposed and remote environment. Offshore production requires more robust infrastructure than coastal production, and different approaches to maintenance, energy supply, feeding, animal husbandry, supply chain logistics and biosecurity.
2.26
With these challenges also come opportunities for innovation. For example, more autonomous operations and technology may result from solutions to logistical challenges, such as distance to shore, travel times and the costs of transporting food and product. Similarly, the co-location of seafood production and renewable energy production systems in a single offshore site, which is an emerging trend overseas, could serve to both streamline development and operating costs and provide an environmentally sustainable energy source for the aquaculture operation.
2.27
Regulatory frameworks in Australia do not currently allow for aquaculture activities in the Commonwealth waters where offshore activities would occur, but first steps have been taken to address this regulatory gap. This issue is explored further in Chapter 5.
2.28
Research is current underway in Tasmania, through the Blue Economy Corporative Research Centre (Blue Economy CRC) to understand how these challenges can be met and innovations leveraged to develop an offshore aquaculture industry in Australia.
Blue Economy CRC’s offshore aquaculture program
2.29
Established in 2019 under the Australian Government cooperative research centres program with a budget of $320 million over ten years, the Blue Economy CRC brings together 40 industry, government, and research partners from ten countries with expertise in aquaculture, marine renewable energy, and maritime engineering. It conducts research, development and extension activities designed to grow ‘Blue Economy’ industries: seafood and marine production, offshore engineering and renewable energy.
2.30
Several witnesses and submitters noted the important work being undertaken by Blue Economy CRC to examine the needs of offshore aquaculture – from the physical requirements of production in an exposed environment to the regulatory framework required to conduct operations – in order to support the expansion of the industry into this space.
2.31
The CRC has five specialised research programs:
Offshore Engineering and Technology - to generate the infrastructure that supports the development of offshore systems
Seafood and Marine Products - to develop offshore aquaculture systems that provide viable and sustainable growth opportunities for this sector
Offshore Renewable Energy Systems - to advance the technological and commercial readiness of emerging offshore renewable energy system technologies
Environment and Ecosystems - to understand the environmental footprint of the infrastructure, culture systems, and energy generating devices
Sustainable Offshore Developments - to profile and advocate for the regulatory frameworks that will provide confidence for aquaculture and renewable energy industry to invest and for the public to be confident that offshore developments operate to the highest environmental standards for sustainability and ecosystem integrity.
2.32
Dr Whittington from Blue Economy CRC told the Committee that Australia could start an offshore aquaculture industry ‘within a couple of years’ once a regulatory framework has been established, physical conditions are tested and suitable technology has been identified.
A developing seaweed industry
2.33
Australia’s current seaweed industry is small, with an approximate production value of $3 million production value, compared to the industry’s global value of $11 billion and growing.
2.34
The Australian Sustainable Seaweed Alliance (ASSA) informed the committee that there is significant potential for the growth of the industry in Australia, with a strategic plan in place to achieve a $100 million seaweed industry by 2025 and a $1.5 billion industry by 2040, employing up to
9,000 people.
2.35
ASSA noted that seaweed production, unlike some other aquaculture, does not require intensive inputs and does not produce environmentally harmful waste. In addition to its potential as a food product, seaweed can be used in fertiliser and soil additives, and research is underway into its potential use in bioplastics, construction materials, complementary medicines and carbon capture. Seaweed also has great potential for use in restorative aquaculture programs, discussed later in this chapter.
2.36
A recent discovery found that a particular Australian seaweed (Asparagopsis taxiformis), when added to livestock feed, can reduce methane emissions from livestock by over 90 percent. This presents an opportunity to tackle climate change and to support the Australian cattle and sheep industry. As a result of this discovery, there is now a global race to commercially cultivate the seaweed at scale, and the Australian seaweed industry has an opportunity to lead the way.
2.37
Australia currently has no commercial-scale seaweed farms, so substantial work is needed to kickstart the industry, particularly the introduction of policy and regulation to allow for ocean cultivation of native seaweeds in offshore zones, the creation of dedicated research and development plans, and investment in emerging discoveries such as the one mentioned above.
2.38
The FDRC told the committee that work is underway to coordinate funding for seaweed farming. There are a lot of opportunities for seaweed across northern and southern Australia, with investors approaching different groups. FRDC is looking to coordinate this investment in agencies such as Marine Bioproducts CRC, Blue Economy CRC, the Australian Centre for International Agriculture Research ACIAR and AgriFutures. The aim is the avoid duplication and to encourage a collaborative approach and accelerate the exploitation of opportunities in the emerging seaweed growing industry.
Expanding aquaculture in northern Australia
2.39
Several submitters to the inquiry reported the potential for growth of aquaculture in northern Australia, particularly in pond-based aquaculture systems. Current estimates show that over 13 million hectares of land in northern Australia are suitable for freshwater aquaculture and around
1.2 million hectares are suitable for marine aquaculture, in addition to opportunities for production in marine waters along the coastline.
2.40
The potential for aquaculture growth in northern Australia has been examined in detail by the Joint Select Committee on Northern Australia in 2016, and has been the subject of significant research and development through the work of the Corporative Research Centre for Northern Australia (CRCNA) since its establishment in 2017.
2.41
As of 2017, the annual gross value of aquaculture production from northern Australia was worth approximately $233 million of the $1.35 billion national industry, with most of this value coming from barramundi (33%), prawns (32%) and pearls (31%). A situational analysis conducted by CRCNA, published in early 2020, found that the industry has potential to grow by five times its current production value by 2030, achieving a gross value of production greater than $1.3 billion, and leading to the addition of around 1,400 to 2,300 jobs for the regions.
2.42
CSIRO submitted that tropical Australia has perfect climatic conditions and water quality parameters, and importantly an abundance of the two key requirements for aquaculture, clean sea water and coastal land. Additionally, the use of seawater with only small freshwater requirements for many aquaculture enterprises means that these activities can be effectively drought proof. CSIRO noted that:
This sort of development would not only suit larger commercial operators but would provide an opportunity for smaller scale aquaculture development, in conjunction with traditional owners.
Aquaculture projects in northern Australia
2.43
The Committee received evidence about a range of both large-and small-scale aquaculture projects and opportunities currently being leveraged across northern Australia.
2.44
During its travel to the Northern Territory, the Committee had the opportunity to visit the Darwin Aquaculture Centre, a facility owned by the Northern Territory Government which conducts research, development and extension activities to support the growth of the industry. This Centre provides a space for private sector to conduct research and hatchery production in collaboration with industry, as well as projects and partnerships with Indigenous communities. Its work has enabled the development of best practice techniques to support a range of sectors such as barramundi, mud crab, sea cucumber and native tropical blacklip rock oysters.
2.45
The Committee also visited the Humpty Doo Barramundi farm, which recently received Northern Australia Infrastructure Facility loans to enable farm improvements, including increased infrastructure and farm capacity, which will expand the production capacity of the farm and create jobs in construction and operations.
2.46
One of the more significant new aquaculture developments in northern Australia is Project Sea Dragon, led by Seafarms Group. This is a large-scale land-based prawn aquaculture project designed to develop around 10,000 hectares of prawn ponds and produce high-quality black tiger prawns at a volume of up to 130,000–180,000 tonnes per annum.
2.47
Project Sea Dragon is a fully integrated project, aiming to build five facilities across the Northern Territory and Western Australia to manage each step of the prawn production process from breeding, hatching and rearing, to growing, harvesting and processing of prawns. It is currently in early stages of development, with the construction of the first stage of the project recently commencing. The project is anticipated to generate hundreds of jobs throughout the seven-year construction process, with a total of 2,800 jobs, including 1,500 direct operations jobs, expected by completion. This does not include indirect jobs created through the services which will be required by the project.
Aboriginal and Torres Strait Islander enterprises
2.48
Industry groups told the Committee that the role of Aboriginal and Torres Strait Islander peoples in the aquaculture sector, particularly in northern Australia, is an area for growth that should be fostered by the sector.
2.49
There are already some Aboriginal and Torres Strait Islander peoples involved in the management and development of aquaculture enterprises across Australia. Many of these are in remote coastal communities and represent significant economic opportunities, providing a source of employment and entrepreneurial activity to the local community.
2.50
For example, in the Northern Territory, Tasmania Seafood Pty Ltd is working in cooperation with Aboriginal communities to develop hatchery production and ranching of sea cucumbers. The holothurian species, farmed by Tasmanian Seafoods, is a highly lucrative niche product popular in Asian markets and represents the revitalisation of a longstanding fishery in northern Australia.
2.51
In South Australia, the Narungga National Aboriginal Corporation (NNAC) has been granted a seaweed farming licence. The NNAC is working in partnership with CH4 Global to commercialise cultured seaweeds.
2.52
In Western Australia, the Murujuga Aboriginal Corporation has partnered with the Pilbara Development Commission, Maxima Pearling Company, and the City of Karratha to investigate the feasibility of farming tropical blacklip rock oysters. And the Emama Nguda Aboriginal Corporation in Derby is commercialising the breeding of giant freshwater prawns known as cherabin.
2.53
Humpty Doo Barramundi expressed the view that while there are many opportunities for aquaculture ventures in Aboriginal communities, careful attention needs to be paid to economies of scale and the use of viable species. Mr Daniel Richards, Chief Executive Officer, stressed that he had:
…observed a lot of failed ventures around barramundi and species that are highly management intensive, we don’t feel that opportunities like that are appropriate in remote locations with an inexperienced workforce.
2.54
Several other submitters also noted that greater funding, investment and training are needed to support an increased role for Aboriginal and Torres Strait Islander peoples in the aquaculture industry.
2.55
FRDC noted that the Indigenous Land and Sea Corporation (ILSC) had increasingly sought to support economic participation in aquaculture opportunities. However, both ACWA and Maxima Pearling Company contended that the ILSC had ‘very limited funds to assist Aboriginal investment in aquaculture projects’. They argued that ‘greater investment in ILSC programs to support aquaculture investment would make a significant difference to Aboriginal participation and benefit the aquaculture industry as a result’.
2.56
Dr Heaton, likewise, urged the allocation of ‘additional and ongoing funding to build capacity and resourcing to enable local Aboriginal and Torres Strait Islander peoples and organisations, including Traditional Owner groups, to fully participate in the aquaculture sector, to fulfil their spiritual, cultural, environmental and economic needs’.
Innovations for environmental sustainability
2.57
Innovations are an important driver of the growth of aquaculture, particularly those that increase profitability while also addressing environmental sustainability. As noted above, offshore aquaculture and seaweed already offer such opportunities.
Growing the ’circular’ economy
2.58
The Australian aquaculture sector has an opportunity to achieve growth and greater sustainability through investment in regenerative, ‘circular economy’ projects which minimise waste from aquaculture systems and create environmental benefits in addition to profits.
2.59
The FRDC submitted that the Australian aquaculture sector can improve its sustainability through a circular economy with three central principles: restoring natural systems by protecting and actively improving the environment; minimising waste and pollution by designing products and services in a new way; and keeping products and materials in use for as long as possible. It explained that:
These principles will require innovation to provide solutions that can be adopted within commercial aquaculture operations to meet greater sustainability ambitions. They can be achieved through innovations that increase production, the use of novel ingredients and by-products for feed, optimised resource use through new technology and big data, and increased collection and recycling of nutrients.
2.60
In Tasmania, salmon producers are exploring innovative ways to use the by-products of their farms, such as using fish waste as a fertilizer and salmon processing by-products for pet food, to contribute to this circular economy. For example, Huon Aquaculture has been collaborating with Tasmanian farmers to trial the use of salmon waste as fertilizer. Farmers have reported that adding salmon waste to compost has resulted in exponential improvement in biological diversity and soil quality for their farms.
Restorative aquaculture
2.61
Restorative aquaculture is aquaculture that provides direct benefits to the environment and positive environmental outcomes. The National Aquaculture Strategy noted that restorative aquaculture is of interest to both the aquaculture industry and environment groups.
2.62
The Nature Conservancy Australia expressed its interest in restorative aquaculture and that other aquaculture operators had also shown interest. The organisation mentioned that all forms of aquaculture can potentially pursue restorative aquaculture, but that Australia’s bivalve shellfish and seaweed systems have the greatest potential. The Nature Conservancy Australia considers that supporting industry to engage in restorative aquaculture more extensively is the next step in the sustainable development of the sector.
2.63
The Australian Institute of Marine Science (AIMS) discussed the potential for the mariculture sector to support Australia’s efforts in research and development of solutions for the health of coral reefs. AIMS is the managing entity for the Reef Restoration and Adaption Program under the Commonwealth Governments Reef Trust Partnership which seeks to protect the Great Barrier Reef.
2.64
AIMS is leading the research and development program into coral mariculture, which is working on the capability to propagate up to 1 million corals per year to be placed on the reef. AIMS is seeking, through a range of propagation methods and automation, to facilitate seeding of corals onto reefs. Such efforts will be critical for the restoration of the Great Barrier Reef after mass bleaching events.
2.65
With reefs around the world experiencing declines, AIMS forecasts there will be strong demand for reef restoration and adaption methods, such as coral seeding through coral mariculture. AIMS considers that Australia and Australian businesses would be well-placed to capitalise on their technological capabilities and expertise in coral mariculture and export propagated corals to help repair degraded reefs around the world.
2.66
Dr Brinkman from AIMS described innovative ways in which aquaculture can be employed in blue carbon strategies. He told the Committee that just as land agricultural management can ‘retain carbon, improve soil quality and, in concert, improve yields’ so aquaculture can work in parallel. For example:
In the rehabilitation of seagrass or the growing of seagrass and other coastal vegetation, in addition to having the potential to take nutrient loads out of the water column, they're actually a very good carbon sink. They're a component that can be addressed in terms of blue carbon.
Recirculating aquaculture systems
2.67
One of the more commonly discussed innovations for environmental sustainability throughout this inquiry was the use of recirculating aquaculture systems (RAS) for aquaculture.
2.68
RAS are self-contained, tank-based systems in which fish are grown under controlled environmental conditions in water recycled through biological and mechanical filters, with minimal waste exchanged back into the environment and a low volume of water required per unit of production. They are most used in freshwater environments but can also be used in marine environments. RAS are considered a more intensive approach to aquaculture, using higher densities of fish with more rigorous management, and are useful in circumstances where land and water are limited, or environmental conditions are not suited to the species being farmed.
2.69
RAS, as a technology which does not emit waste into the surrounding environment, may have a particular use in jurisdictions such as Queensland which have strict wastewater emissions standards for land-based aquaculture.
2.70
Several submitters also outlined possibilities for the greater use of RAS in land-based salmon operations. Currently, major Tasmanian salmon growers use a hybrid system where salmon are grown to a larger size in in land-based hatchery systems before they are transferred to marine cages for growth to market size. While the original salmon hatcheries built in Tasmania during the 1970s used flow-through technology in earthern ponds, many of these systems have since been replaced with RAS technology.
2.71
The Tasmanian Salmonid Growers Association (TSGA) informed the committee that this hybrid system allows the salmon growers to farm fish sustainably, as well as employing more local people than they would otherwise through a marine-based system.
2.72
Some environmental groups and academics submitted that RAS operations have significant advantages over traditional aquaculture in salmon farming – such as improved monitoring and management, reduced environmental stress, and reduced waste – and should be considered for use across the entire egg-to-market growth cycle as an alternative to marine cage farming.
2.73
However, evidence from operators suggests that the use of RAS alone in Tasmania will not be a practical pursuit for the salmon industry. For example, the estimated power requirements to completely farm fish on land in Tasmania at the current production levels would consume more power than is currently generated in the state. Additionally, any saltwater waste from land-based operations cannot be disposed of on land or recycled for compost or fertiliser due to its very high salt content, which poses a different, but significant, environmental risk compared to marine systems.
2.74
Blue Economy CRC submitted that, in the Australian context, the ocean will likely remain the most suitable place to grow salmon from smolts to market size and that, although innovations in RAS will improve the sustainability of land-based aquaculture operations:
… they will inevitably remain high resource input, high-cost production systems that will require efficient market access to make them relatively financially viable.
Committee comment
2.75
It is evident that there is a significant potential for the growth of the aquaculture industry within Australia, and that the industry has a bright future ahead. While there are some matters, such as regulatory issues, needed to unlock the industry, the Committee believes the industry is well positioned to capitalise on the growth potential.
2.76
The Committee recognised that expanding market share, domestically and internationally, will be key to the industry’s growth. In relation to the domestic market, the Committee considers it unacceptable that Australia imports such extensive quantities of seafood despite the presence of our own industry that supplies superior products. But it is heartened by evidence that suggested that Australia’s are prepared to pay a premium for domestic product. The Committee also believes in the potential for the growth of Australia’s seafood exports, particularly in Asian markets which have demonstrated an interest in Australia’s premium seafood products.
2.77
The Committee took great interest in the opportunities in offshore aquaculture. With the necessary regulations in place and appropriate technology developed, offshore aquaculture shows the potential to enable substantially increased production.
2.78
Innovations in aquaculture were also of interest to the Committee, such as recirculating aquaculture systems (RAS) and pond aquaculture. The Committee noted that low technology aquaculture like pond aquaculture presents opportunities for remote communities. Restorative aquaculture is a key initiative of the aquaculture industry, including projects such as the AIMS initiative to help restore and maintain coral reefs.
2.79
The Committee particularly wishes to note the importance of the inclusion of Aboriginal and Torres Strait Islander peoples in aquaculture. The Committee was pleased to hear that key industry bodies had a similar way of thinking and that collaborations between industry bodies and Aboriginal and Torres Strait Islander peoples are already occurring. There is room for significant growth in aquaculture as an emerging economic opportunity for Aboriginal and Torres Strait Islander peoples.
2.80
The growth of the Australian aquaculture industry is important to the Committee, which is keen to observe the economic opportunities that would result. But opportunities are not without barriers as the potential of Australian aquaculture is constrained by key issues that were discussed throughout the inquiry. Chapter 3 will examine these issues and how they should be addressed to ensure that the Australia aquaculture industry can grow unimpeded.